1

December 2023
FAQ

SPDR® Gold Trust
GLD®
Table of Contents

02

Pricing Information

03

Tax Information

04

Physical Gold05

Gold Custody

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December 2023
FAQ

SPDR® Gold Trust (the “Trust”)
GLD®
Pricing Information

Where Do You Get the Spot Price for Gold? How Does It Relate to the LBMAGold Price AM/PM? What Is the Difference Between the LBMA Gold Price andthe COMEX Gold Price?
The spot price for gold is determined by market forces in the 24-hour global over-thecounter (“OTC”) market for gold including spot, forwards, and options and otherderivatives, together with exchange-traded futures and options. The OTC market
trades accounts for most global gold trading, and prices quoted reflect the information
available to the market at any given time.
The OTC market trades on a continuous basis. Market makers and participants in
the OTC market trade with each other and their clients on a principal-to-principal
basis. Although the market for physical gold is global, most OTC market trades arecleared through London. The London Bullion Market Association (“LBMA”) coordinatesmarket activities and acts as the principal point of contact between the market andits regulators.
The LBMA currently has 161 members consisting of 81 full members, 11 market
makers and 69 affiliate members, located in more than 24 countries.1 The LBMA Gold
Price is determined twice each business day (10:30 a.m. and 3:00 p.m. London time)by the participants in a physically settled, electronic and tradable auction administered
by ICE Benchmark Administration Limited (“IBA”) using a bidding process that
determines the price of gold by matching buy and sell orders submitted by theparticipants for the applicable auction time. The LBMA Gold Price PM replaced theLondon Gold Fix and IBA became the third-party administrator on March 20, 2015.
The COMEX division of the New York Mercantile Exchange (NYMEX) is a futures andoptions exchange that acts as a marketplace to trade futures and options contracts on
metals, including gold. Gold futures contracts typically trade at a premium to the spot
price. Further discussion can be found in the prospectus.
What Is the Relationship Between the GLD Net Asset Value, the GLD Share Priceand the Gold Spot Price?
The investment objective of the Trust is for the value of the shares to reflect the priceof gold bullion, less the expenses of the Trust's operations. The net asset value(“NAV”) of the Trust is the aggregate value of the Trust’s assets less its liabilities(which include estimated accrued but unpaid fees and expenses). The NAV of theTrust is determined by BNY Mellon Asset Servicing, a division of The Bank of
New York Mellon, as the trustee of the Trust (the “Trustee”), each day that the NYSE
Arca is open for regular trading. The NAV of the Trust is calculated based on the total

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ounces of gold owned by the Trust valued at the LBMA Gold Price PM of that day plus
any cash held by the Trust less accrued expenses. The NAV of each GLD share is theNAV of the Trust divided by the total number of shares outstanding.
The gold spot price is determined by market forces in the 24-hour global over-thecounter market for gold and reflects the information available to the market at any
given time. The indicative intraday value per GLD share published on the
spdrgoldshares.com website is based on the mid- point of the bid/offer gold spot priceadjusted for the Trust's daily accrued expenses. The NYSE Arca is an electronic
exchange which displays orders simultaneously to both buyer and seller. Once orders
are submitted, all trades are executed in the manner designated by the party entering
the national best bid or offer. The buy and sell offers are posted on NYSE Arca in priceorder from best to worst and if the prices match up, they are executed based on thetime the buy order or sell order was posted (earliest to latest). These prices reflect the
supply and demand for shares which is influenced by factors including the gold spot
price and its impact on the NAV.
How do I find the intra-day NAV of GLD?
The indicative intra-day NAV of GLD can be found at spdrgoldshares.com.
The indicative intra-day value is calculated based on the mid-point of the bid/offer
gold spot price.
Tax Information

How is GLD treated from a tax standpoint?
The Trust is treated as a “grantor trust” for U.S. federal income tax purposes. As aresult, the Trust itself will not pay U.S. federal income tax. Instead, the Trust’s income
and expenses “flow through” to the shareholders, and the Trustee will report theTrust’s income, gains, losses and deductions to the Internal Revenue Service onthat basis. For a more thorough explanation of the Trust’s tax status and rates
that may be applicable to particular taxpayers, please see the Trust’s prospectusby clicking here. Investors should consult their own tax professionals to determine
the tax consequences of their investment in the Trust.
Does a Shareholder Receive a Form 1099B Reporting His or Her Share of theTrust's Sales of Gold (to pay expenses)?
Because the Trust sells only a de minimis amount of gold for payment of Trust
expenses during the year and makes no distributions of sale proceeds to the Trust’s
shareholders (“shareholders”), the Treasury Regulations do not require either the
Trust or brokers to report the gross proceeds of such sales on Form 1099B. Certain
brokers may nevertheless elect to report these proceeds to their customers on acomposite Form 1099B. For those shareholders who have not received thisinformation on Form 1099B, an example of this information is available under“Tax Reporting” at spdrgoldshares.com, illustrating how a shareholder should
calculate gain or loss on such sales.

4What Is the Long-Term Capital Gains Tax Rate for U.S. Shareholders Who
are Individuals?
Under current law, gains recognized by individuals from the sale of a “collectible,”
including gold bullion, held for more than one year are taxed at a maximum rate of
28%, rather than the 20% rate applicable to most other long-term capital gains.
However, if a U.S. shareholder is otherwise subject to rate lower than 28%, the 28%
rate does not apply. For these purposes, gain recognized by an individual upon thesale of an interest in a trust that holds collectibles is treated as a gain recognized on
the sale of collectibles, to the extent that such gain is attributable to unrealized
appreciation in the value of the collectibles held by the trust. Therefore, any gain
recognized by an individual U.S. shareholder attributable to a sale of shares held formore than one year, or attributable to the Trust’s sale of any gold bullion that the U.S.
shareholder is treated (through its ownership of shares) as having held for more than
one year, generally will be taxed at a maximum rate of 28%. The tax rates for capitalgains recognized upon the sale of assets held by an individual U.S. shareholder for
one year or less or by a taxpayer other than an individual U.S. taxpayer are generally
the same as those at which ordinary income is taxed. The deductibility of capital
losses by a U.S. shareholder is subject to limitations.
Investors should consult their own tax professionals to determine the tax
consequences of their investment in the Trust. Please refer to the Trust’s prospectus(here) for additional information regarding the taxation of U.S. shareholders withrespect to their investment in the Trust.
Physical GoldCan an Investor Take Physical Possession of the Gold Backing Their Shares of
SPDR® Gold Trust?
The Trustee does not deal directly with the public. The Trustee handles creation andredemption of the orders for the Trust’s shares with Authorized Participants, who deal
in blocks of 100,000 SPDR® Gold Shares (each a “Basket”). An individual investor
wishing to exchange the Trust’s shares for physical gold would have to come to theappropriate arrangements with his or her broker and an Authorized Participant.
What Happens If the Trust’s Gold is Lost, Damaged, Stolen or Destroyed?
If the Trust’s gold bars are lost, damaged, stolen or destroyed under circumstances
rendering a party liable to the Trust, the responsible party will be held accountable
for such a loss. However, there is a risk that the responsible party may not have thefinancial resources sufficient to satisfy the Trust’s claim and the only source ofrecovery for the Trust might be limited to the Custodian holding the Trust’s goldwhen the loss occurred. Each Custodian maintains insurance with regard to its
business on such terms and conditions it considers appropriate which does not cover
the full amount of gold held by them. Further, the liability of the Custodians is limited
under their respective custody agreements. Please see the Trust’s prospectus byclicking here for additional information regarding the risks related to the custody of
the Trust’s gold.

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How Often Is the Trust Audited, and Do the Auditors Have Access to the Vault toPhysically Count the Gold?
Subject to certain conditions, the Custodians will allow World Gold Trust Services,
LLC, the sponsor of the Trust (the “Sponsor”), and its representatives, independent
public accountants and bullion auditors access to each Custodian’s vault premises to
examine the gold bullion held by the Custodians on behalf of Trust and any suchrecords required to perform any audit duties. The Inspectorate International Limited(“Inspectorate”) conducts two counts each year of the gold bullion held on behalf of theTrust at the vaults of the Custodians. A complete bar count is conducted once per year
and coincides with the Trust’s financial year end at September 30th. The second countis a random sample count and is conducted at a date which falls within the samefinancial year. The results can be found on spdrgoldshares.com. The Sponsor
generally visits the vaults of the Custodians twice a year as part of its due diligenceprocedures. The Trust's independent auditors audit the Trust's gold held in the
Custodians’ respective vault premises as part of their annual audit of the financial
statements of the Trust.
Gold Custody

The following are responses to frequently asked questions concerning the custodyof the Trust’s gold For further information about the custody of the Trust's gold,
including information about each Custodian’s obligations and certain custody-relatedrisks, please refer to the Trust's most recent Annual Report on Form 10-K andmost recent Prospectus filed with the Securities and Exchange Commission
available by clicking here.
Who Are the Custodians of the Trust’s Gold?
JPMorgan Chase Bank, N.A. and HSBC Bank plc serve as custodians of the Trust’s
gold (individually, a “Custodian” and together, the “Custodians”). The Custodians areauthorized by the Prudential Regulation Authority and regulated by the Prudential
Regulation Authority and the Financial Conduct Authority. The Custodians officelocations are provided below. The Custodians are also market makers, clearers,
and approved weighers under the rules of the London Bullion Market Association.
JPMorgan Chase Bank, N.A.
25 Bank Street
Canary Wharf,
London E14 5JP, UK
HSBC Bank plc
8 Canada Square
London E14 5HQ, UK
Where Is the Trust's Gold Physically Held?
HSBC Bank plc holds gold on behalf of the Trust at its vault premises in London and
JPMorgan Chase Bank, N.A. holds gold on behalf of the Trust at its vault premises in
London, New York and Zurich.

6What Is an Unallocated Account?
An unallocated account is an account with a bullion dealer, which may also be a bank,to which a fine weight amount of gold is credited. Transfers to or from an unallocatedaccount are made by crediting or debiting the number of ounces of gold being
deposited or withdrawn. The account holder is entitled to direct the bullion dealer todeliver an amount of physical gold equal to the amount of gold standing to the creditof the account holder. Gold held in an unallocated account is not segregated from theCustodians’ assets. The account holder therefore has no ownership interest in any
specific bars of gold that the bullion dealer holds or owns. The account holder is an
unsecured creditor of the bullion dealer, and credits to an unallocated account are at
risk of the bullion dealer’s insolvency, in which event it may not be possible for aliquidator to identify any gold held in an unallocated account as belonging to theaccount holder rather than to the bullion dealer.
The Trust has one unallocated account with each of the Custodians. The
unallocated accounts are used primarily to facilitate the transfer of gold deposits
and gold redemption distributions between Authorized Participants and the Trustin connection with the creation and redemption of Baskets. The unallocated accounts
are also used for sales of gold bullion to pay the Trust’s expenses, and when goldbullion is transferred into and out of the Trust. Each Custodian will allocate all goldbullion in the Trust’s unallocated account with that Custodian to the Trust’s allocatedaccount with that Custodian at the end of each business day.
What Is an Allocated Account?
An allocated account is an account with a bullion dealer to which individually identified
gold bars owned by the account holder are credited. The bullion dealer may also be abank. The gold bars in an allocated account are specific to that account and are
identified by a list which shows, for each gold bar, the refiner, assay or fineness, serial
number and gross and fine weight. The account holder has full ownership of the gold
bars. The Trust's allocated accounts are only used for holding the allocated gold barsof the Trust.
When Is Gold Not Held in the Trust's Allocated Accounts?
All of the gold owned by the Trust is held in the Trust’s allocated accounts in bar form,
with two exceptions:Gold involved in creation or redemption activity on any given day will pass through theTrust’s unallocated accounts before being credited to the Trust’s allocated accounts ortransferred to an Authorized Participant’s unallocated account, as the case may be.
The quantity of gold involved in creation or redemption activity on any given day has,over the life of the Trust, generally been small in comparison with the total gold
holdings of the Trust. Additionally, creation and redemption activity has not takenplace every trading day.

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The Trustee sells a small quantity of gold every month in order to pay the Trust’s
expenses. In connection with these sales, the Custodian debits gold bars from theTrust’s allocated accounts sufficient to meet the monthly expenses and credits thisamount to the Trust’s unallocated accounts. The appropriate quantity of gold is thensold from the Trust’s unallocated accounts. Over the life of the Trust, the amounts ofgold involved in these monthly sales have been very small in comparison to the total
holdings of the Trust.
Is the Gold Insured?
The Trust does not insure its gold. The Custodians each maintain insurance withregard to their business on such terms and conditions as they consider appropriate
which does not cover the full amount of gold held in custody. The Trust is not abeneficiary of any such insurance and does not have the ability to dictate theexistence, nature, or amount of coverage. In addition, the Custodians and theTrustee do not require any direct or indirect subcustodians to be insured or bondedwith respect to their custodial activities or in respect of the gold held by them on behalfof the Trust.
What Standards Must the Gold Transferred to the Trust Meet?
All gold represented by a credit to any Authorized Participant's unallocated accountand to the Trust's unallocated accounts and all gold bars held in the Trust's allocatedaccounts with the Custodians must be of at least a minimum fineness (or purity) of
995 parts per 1,000 (99.5%) and otherwise conform to the rules, regulations, practices
and customs of the LBMA, including the specifications for a London Good Delivery
Bar. Typically referred to as 400 — ounce bars, a London Good Delivery Bar must
contain between 350 and 430 fine troy ounces of gold, be of good appearance andbe easy to handle and stack. The fine gold content of a gold bar is calculated bymultiplying the gross weight of the bar (expressed in units of 0.025 troy ounces) by
the fineness of the bar. A London Good Delivery Bar must also bear the stamp of
one of the melters and assayers who are on the LBMA approved list. Additional
specifications for a London Good Delivery Bar are described in “The Good Delivery
Rules” published by the LBMA. For more information about the LBMA, please see
the LBMA's website at lbma.org.uk.
Is the Trust's Gold Ever Traded, Leased or Loaned?
Gold held in the Trust's allocated accounts is the property of the Trust and is nottraded, leased or loaned under any circumstances.

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When Do the Custodians Employ Subcustodians to Hold the Trust's Gold?
Under the Allocated Account Agreements, each Custodian agrees to hold all of
the Trust’s gold in its own vault premises except when a Custodian appoints
a subcustodian to temporarily hold a portion of the Trust’s gold bars in the
subcustodian’s vault premises. In such cases, the Custodian appointing the
subcustodian will use commercially reasonable efforts to promptly transport thegold bars to the Custodian’s vault, at the Custodian’s cost and risk.
There may be periods of time when some portion of the Trust’s gold bars will be heldby one or more subcustodians appointed by one of the Custodians. The Custodians
are required under the Allocated Account Agreements to use reasonable care inappointing subcustodians but otherwise have no other responsibility in relation to thesubcustodians appointed. Neither the Trustee nor the Custodians monitor the
performance by subcustodians of their custody functions.
If any subcustodian which holds gold on a temporary basis does not exercise due carein the safekeeping of the Trust’s gold bars, the ability of the Trustee or the Custodians
to recover damages against such subcustodian may be limited to only such recourse,
if any, as may be available under applicable English law or, if the subcustodian is not
located in England, under other applicable law. This is because there are not expected
to be any written contractual arrangements between subcustodians who may holdthe Trust’s gold bars and the Trustee or the Custodians, as the case may be. If theTrustee’s or the Custodian’s recourse against the subcustodian is so limited, theTrust may not be adequately compensated for the loss.
What Effect Would the Insolvency of the Custodians Have on the Trust's
Allocated and Unallocated Accounts?
The Trust has full ownership rights to the specific bars of gold allocated to the Trust's
allocated accounts. Gold which is part of a deposit for a purchase order or part of aredemption distribution will be held for a time in the Trust’s unallocated accounts and,during such time, the Trust will have no proprietary rights to any specific bars of gold
held by the Custodians and will each be an unsecured creditor of the Custodians withrespect to the amount of gold held in such unallocated accounts. In addition, if the
Custodians fail to allocate the Trust’s gold in a timely manner, in the proper amounts
or otherwise in accordance with the terms of the Unallocated Account Agreements,
or if a subcustodian fails to so segregate gold held by it on behalf of the Trust,unallocated gold will not be segregated from the Custodians’ assets, and the Trust
will be an unsecured creditor of the Custodians with respect to the amount so held in
the event of the insolvency of the Custodians.
In the event one of the Custodians becomes insolvent, such Custodian’s assets
might not be adequate to satisfy a claim by the Trust for the amount of gold heldin the unallocated account of such Custodian. Furthermore, in the event of suchan insolvency, a liquidator may seek to freeze access to the gold held in all of theaccounts held by such Custodian, including the allocated account. Although the9Trust would retain legal title to the allocated gold bars, the Trust could incur expenses
in connection with obtaining control of the allocated gold bars, and the assertion of aclaim by such liquidator for unpaid fees due to the Custodian could delay the creation
and redemption of Baskets.
When Can the Trustee or the Sponsor Remove or Replace the Custodians or
Appoint Additional Custodians?
If the Trustee determines that maintaining gold with either of the Custodians is notin the best interests of the Trust's shareholders, the Trustee will so advise theSponsor. The Trustee will then take such reasonable action as the Sponsor may
direct concerning such Custodian. In the absence of such instruction, the Trustee
may initiate action to remove the gold held by such Custodian or take such otheraction as the Trustee determines appropriate to safeguard the interests of theTrust's shareholders.
In addition to replacing a Custodian, the Sponsor may direct the Trustee to employ
one or more additional custodians. The Trustee, with the Sponsor's approval, mayalso employ one or more additional custodians selected by the Trustee.
Before gold bars are placed with any additional or successor custodian, the Trustee
will determine that the custody agreements with such additional or successor
custodian substantially satisfy specified requirements set forth in the Trust Indenture.
Footnote

1 LBMA members as of December, 2023.

10

ssga.com

in SPDR® Gold Trust (“GLD®”
or “GLD).

Important Risk Information
Investing involves risk including therisk of loss of principal.
The whole or any part of this work
may not be reproduced, copied ortransmitted or any of its contents
disclosed to third parties without
SSGA’s express written consent.
All information is from SSGA unlessotherwise noted and has beenobtained from sources believed
to be reliable, but its accuracy is
not guaranteed. There is norepresentation or warranty as tothe current accuracy, reliability
or completeness of, nor liability
for, decisions based on suchinformation and it should not
be relied on as such.
The information provided does notconstitute investment advice and it
should not be relied on as such.
It should not be considered asolicitation to buy or an offer tosell a security. It does not take into
account any investor's particularinvestment objectives, strategies,
tax status or investment horizon.
You should consult your tax andfinancial advisor.
Investing involves risk, and you
could lose money on an investment

Commodities and commodity-index
linked securities may be affectedby changes in overall market
movements, changes in interest
rates, and other factors such as
weather, disease, embargoes,or political and regulatory
developments, as well as
trading activity of speculators
and arbitrageurs in theunderlying commodities.
Investing in commodities entails
significant risk and is not
appropriate for all investors.
Important Information Relating
to GLD:
GLD has filed a registration
statement (including aprospectus) with the Securities
and Exchange Commission(“SEC”) for the offering to which
this communication relates.
Before you invest, you should
read the prospectus in that
registration statement and otherdocuments GLD has filed with
the SEC for more complete
information about GLD and thisoffering. Please see the GLD
prospectus for a detailed
discussion of the risks ofinvesting in GLD shares. The
GLD prospectus is available byclicking here. You may get these

documents for free by visiting
EDGAR on the SEC website at
sec.gov or by visiting
spdrgoldshares.com.
Alternatively, GLD or any
authorized participant will
arrange to send you theprospectus if you request it bycalling 866.320.4053.
GLD is not an investment company
registered under the Investment
Company Act of 1940 (the “1940Act”) and is not subject to regulation
under the Commodity Exchange Actof 1936 (the “CEA”). As a result,shareholders of GLD do not havethe protections associated withownership of shares in an
investment company registeredunder the 1940 Act or theprotections afforded by the CEA.
GLD shares trade like stocks, aresubject to investment risk and willfluctuate in market value. The valueof GLD shares relates directly to thevalue of the gold held by GLD (lessits expenses), and fluctuations in
the price of gold could materiallyand adversely affect an investmentin the shares. The price received
upon the sale of the shares, which
trade at market price, may be moreor less than the value of the gold
represented by them. GLD does not
generate any income, and as GLD
regularly sells gold to pay for its
ongoing expenses, the amount ofgold represented by each Share will
decline over time to that extent.
The World Gold Council name andlogo are a registered trademark andused with the permission of theWorld Gold Council pursuant to alicense agreement. The World GoldCouncil is not responsible for thecontent of, and is not liable for theuse of or reliance on, this material.
World Gold Council is an affiliate of
GLD’s sponsor.
GLD® is a registered trademark ofWorld Gold Trust Services, LLC
used with the permission of WorldGold Trust Services, LLC..
For more information, pleasecontact the Marketing Agentfor GLD: State Street Global
Advisors Funds Distributors,
LLC, One Iron Street, Boston, MA,
02210; T: +1 866 320 4053
spdrgoldshares.com.
© 2023 State Street Corporation.
All Rights Reserved.
ID1914850-5237911.2.1.AM.RTL
1223 Exp. Date: 12/31/2024
Not FDIC Insured
No Bank Guarantee
May Lose Value